Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update


Uranium Explorer's Partner Unveils 2020 Target Generation Program at Saskatchewan Property
News Update

Share on Stocktwits


Skyharbour Resources reported that its partner Azincourt has announced its 2020 Geophysical Target Generation Program at the East Preston Uranium project in Saskatchewan's Western Athabasca Basin.

In a news release, Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) announced that its partner company Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) "has announced a Summer Geophysical Target Generation Program at East Preston Uranium project located 50 km southeast of Patterson Lake in the Western Athabasca Basin, northern Saskatchewan, Canada."

The company indicated that "Skyharbour and Dixie Gold Inc. (DG:TSX.V) have entered into an Option Agreement with Azincourt, whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium project known as the East Preston property."

The firm advised that under the terms of the agreement, Azincourt has issued common shares and will contribute up to CA$3.5 million in cash and exploration expenditures in exchange for up to 70% of the applicable property area over three years and that CA$1 million of the CA$3.5 million will be paid to Skyharbour and Dixie Gold in cash.

The firm stated that the 2020 summer ground geophysical targeting program will consist of helicopter-supported ground geophysical surveys and is presently being created to support future drill programs based on the existing property-wide heli-borne VTEM survey interpretation and results.

The company noted that it expects Azincourt's summer work program to be sufficient to satisfy the CA$2.5 million work requirement stipulated in the joint venture earn-in agreement with Skyharbour and Dixie Gold, and that after one final cash payment of CA$400,000 is paid to Skyharbour and Dixie, Azincourt will have earned a 70% interest in the East Preston project.

Azincourt's President and CEO Alex Klenman commented, "The continuing work at East Preston is all about target generation...It's no secret the project is already target rich. We have barely scratched the surface in terms of drill testing these areas. We are methodically moving the project forward by adding more critical data. This is the logical next step before we commence the next drill program."

The company explained that the East Preston project is located immediately south of the southern edge of the Athabasca Basin and pointed out that no Athabasca sandstone is present beneath the relatively thin glacial overburden. The firm outlined that follow-up and extension drilling has already been recommended for the existing target areas based upon prior drill results and the similar geological and structural setting to the prolific Paterson Lake trend.

The company stated that Azincourt conducted a winter geophysical exploration program in January-February 2018 that generated a significant amount of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor. The gravity surveys completed identified areas along the conductors with a gravity low signature, which the firm stated is often associated with alteration, fault/structural disruption and potential for uranium mineralization, according to the company.


1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Azincourt Energy. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Skyharbour Resources and Azincourt Energy, companies mentioned in this article.

Want to read more about Uranium investment ideas?
Get Our Streetwise Reports Resources Report Newsletter Free and be the first to know!

A valid email address is required to subscribe